Beatie and Osborn LLP Announces Class Action Lawsuit Against Salomon Smith Barney Inc. and Jack Grubman on Behalf of Investors of Metromedia Fibre Network, Inc.Business Editors & Legal Writers NEW YORK--(BUSINESS WIRE)--Oct. 7, 2002 The Law Firm of Beatie and Osborn LLP LLP - Lower Layer Protocol announced today that a class action has been filed in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on behalf of individuals who purchased Metromedia Fibre Network, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MFNX); "Metromedia Fibre" or the "Company") common stock during the period between November 25, 1997 and July 25, 2001 (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.bandolaw.com. The complaint alleges that Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. Inc. and Jack Grubman urged investors to purchase Metromedia stock when it knew or should have known that such purchases were not a good investment. The complaint alleges that defendant issued "Buy" recommendations about Metromedia without any rational economic basis; failed to disclose that they were issuing "Buy" recommendations to obtain investment banking business; and concealed con·ceal tr.v. con·cealed, con·ceal·ing, con·ceals To keep from being seen, found, observed, or discovered; hide. See Synonyms at hide1. significant, material conflicts of interests that prevented them from providing independent objective analysis. If you acquired Metromedia common stock between November 25, 1997 and July 25, 2001, and wish to serve as lead plaintiff, you must file a motion with the Court no later than December 6, 2002. If you are a member of this class, you can join this action online at www.bandolaw.com. Any member of the purported pur·port·ed adj. Assumed to be such; supposed: the purported author of the story. pur·port  ed·ly adv. class may move the Court
to serve as lead plaintiff through Beatie and Osborn LLP or other
counsel of their choice, or may choose to do nothing and remain a member
of the class. If you wish to discuss this action with us, or have any
questions concerning this notice or your rights and interests with
regard to this case, please contact:
Eduard Korsinsky, Esq. Benjamin D. Coleman, Legal Assistant Beatie and Osborn LLP 521 Fifth Avenue, 34th Floor New York, New York 10175 Telephone: (800) 891-6305 Facsimile: (212) 888-9664 E-mail: clientrelations@bandolaw.com Website: http:/www.bandolaw.com |
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